JPMorgan highlighted the $94,000 support level for Bitcoin.

In recent times, the cryptocurrency market has experienced significant price movements that have attracted investors' attention. Bitcoin has recorded an increase of approximately 70%, supported by evaluations made by JPMorgan analysts. The team led by senior executive Nikolaos Panigirtzoglou noted that the production cost of around 94 thousand dollars for Bitcoin creates a strong price floor.

In a note published by JPMorgan, it was stated that the current ratio of Bitcoin price to production cost is slightly above 1, and this situation historically lies at the lower bound. Analysts highlighted that the sharp increases in network difficulty levels in recent months have led miners to require more computing power to produce new blocks, which has sharply increased production costs. According to this relationship, the interaction between Bitcoin price and production cost naturally limits the downward risk of the price.

The bank emphasized that the current price of Bitcoin is around 102 thousand dollars, and the 94 thousand dollars cost floor serves as an important support. Furthermore, JPMorgan continues to maintain an upward price forecast of approximately 170 thousand dollars for a 6-12 month period. This estimate is calculated by comparing Bitcoin with gold on a volatility-adjusted basis.

Analysts indicated that Bitcoin currently consumes about 1.8 times more risk capital than gold, suggesting that this could provide risk parity with gold with a 67% increase in the current 2.1 trillion dollars market cap. According to these calculations, the theoretical Bitcoin price is indicated to be around 170 thousand dollars.

Investors should take these developments, which hold critical importance in the dynamic structure of financial markets, into account and shape their strategies accordingly. The support level of 94 thousand dollars for Bitcoin, along with JPMorgan’s price predictions, provides a fundamental reference point for determining investment strategies in the upcoming period.